Serbinski Accounting Firms

Dual citizen here. My wife was advanced funds from her family inheritance which went directly to our Canadian attorney's trust account (no escrow in Canada!) held in her name. The duration the funds were held was approximately 33 days before purchase was completed. Is she now required to file a 3520?

Someone apparently has trust issues. Families-- what can I say?

The money is held in an unsegregated fund lawyers use for client's real estate purchase/sales. From what I understand, the fact that it's temporary, conditioned upon a signed purchase agreement to release funds means it's not a true ...

My wife is getting an advance on an inheritance for a down payment on a house in Canada. She has dual US/CDN citizenship and files taxes & FBAR's.

Her parents are requiring that the funds go directly into escrow (here it's called "in trust") held by her attorney. Once a purchase offer is completed ...

Understood, thanks Nelsona. We always appreciate your work here!

After doing some research, my understanding regarding inheriting an equities portfolio is they're considered sold at date of death creating a new cost basis and any profit above that upon a sale is taxable.

My wife (resident of Canada) will be receiving a substantial portfolio in stocks and bonds from her US citizen mother. Half are in an IRA, the other half are in a family trust.

Will there be Canadian tax on her inheritance-- i.e., considered a deemed disposition?

If so, would same apply if ...

Thx Nelsona, very much appreciate your work here.

Thx Nelsona, very much appreciate your work here.

Dual citizen, resident Canada. Looking ahead, if I had a one-million dollar cap gain (long term) in Canada and pay roughly 27% tax here, would there be any tax owed in the U.S.?

Have you seen any cross-border sites that argue against TFSA being a trust? Among other points:

"While a traditional trust involves a trustee who holds legal title to assets and manages them on behalf of beneficiaries, the financial institution administering a TFSA does not "hold title" to the ...

Understood. Was hoping for a "yes" or a "no" answer but this'll do!

I'm a dual US/CDN expat wondering if I cash out an investment and pay cap gains tax on a 300k usd windfall (not real estate) in Canada, would there be any tax owing in the US b/c as a married person I'm above the FEIE?

This is very helpful. Much appreciated, Nelsona! Thanks for your service to this board.

Thanks. I was told by a woman who works at a SS office in Bellingham, WA., that the rule applied even after reaching full retirement age. I figured she knew what she was talking about b/c it's so close to the Canadian border. Wow, someone needs to better train their workers...

1823.3Are benefits ...

Having a hard time getting a straight answer on this question: if I'm over 65, start collecting SS while residing in Canada and want to work-- I was told there's a rule that applies to expats that if they work over 45 hours <even after hitting full retirement age> there's a penalty similar to WEP ...

Ok, thx for your input!